Portfolio Lenders in El Paso or Teller County, Colorado Springs
Hiya!! We will be going into contract on our first Fix and Flip today!!! Super excited and now a lot of work to begin!!
I have a great hard money contact, who has approved me, but it will be expensive and I'm looking to shop around and see if I can't get that 15%, 4 points lower! We will need to finance the cost of the house (117K) plus the rehab costs (roughly 53K on the high side, my contractor is looking into breaking down materials and labor and where we can save on materials).
Closing will need to be about 1st week in January. We are in process of getting a HELOC so we have the reserves, if necessary.
Does anyone have ideas of local banks who offer portfolio loans for these projects? Of course I will use hard money if I need to, as a deal is a deal! But again, looking to save and get out with more if possible. Also, I have to lock in my financing approval by like Friday of next week (Nov 4th) per our contract!